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Attached Port Coquitlam homes — the only Tri-City real estate with April sales increases despite regional drop

The data seems bleak, but experts say its represents a return to somewhat normal levels of sales, prices and listings.
sold-sign
Sold sign outside a house.

It appears Port Coquitlam was the place to go last month buy a home for prospective owners.

Thirty-three (33) attached homes went off the market in the city in April, a modest 6.5 per cent monthly increase from March but also 50 per cent more compared to 22 in the same month in 2021.

On the whole, however, the Tri-Cities saw significant drops in every other form of real estate.

The region recorded 461 home sales out of 781 listings available across Coquitlam, Port Coquitlam and Port Moody/Belcarra.

That represents a 28 per cent decrease in comparison to the 644 that sold in March and 29 per cent from April 2021, according to the Real Estate Board of Greater Vancouver (REBGV).

Broken down, Coquitlam apartments were also a hot ticket with 149 out of 279 new purchases in April; the rest were detached and attached residences. 

Detached Port Moody homes witnessed the biggest monthly decrease in sales at -51.5 per cent.

While bleak, the REBGV says the Tri-Cities wasn't the only region to see April sales fall, and in fact, the regional data marked a return to more historically typical levels for the month.

There were 3,232 total homes sold across Metro Vancouver last month, down from 4,908 in April 2021 and 4,344 homes in March 2022.

The sales came as the MLS benchmark price for all residential properties was $1,374,500, up 18.9 per cent over April 2021 and a one per cent increase compared with March this year.

So, are these signs of normalcy for local and regional real estate?

REBGV chair Daniel John says the return to a more traditional pace of home sales over the last two months provides hopeful homebuyers more time to make decisions, secure financing and perform other due diligence such as home inspections.

"So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year," he said.

"With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation."

For detailed more information, you can visit the REBGV’s website.

The following numbers show Tri-City benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data:

Residential

COQUITLAM

  • Benchmark price = $1,339,700
  • Price Index = 398.2
  • One-month = 1%
  • Three-month = 11.4% 
  • Six-month = 19.3%
  • One-year = 25.1%
  • Three-year = 48.4%
  • Five-year = 62.7%
  • 10-year = 164.4%

PORT COQUITLAM

  • Benchmark price = $1,162,100
  • Price Index = 397.8
  • One-month = 1.4%
  • Three-month = 13.7%
  • Six-month = 22.4%
  • One-year = 27.2%
  • Three-year = 56.7%
  • Five-year = 75.5%
  • 10-year = 171.2%

PORT MOODY

  • Benchmark price = $1,287,300
  • Price Index = 362 
  • One-month = 2.5%
  • Three-month = 14.1% 
  • Six-month = 20.3%
  • One-year = 23.9%
  • Three-year = 42.9%
  • Five-year = 61.2%
  • 10-year = 159.9%

Single-family detached

COQUITLAM

  • Benchmark price = $1,847,800
  • Price Index = 410.1 
  • One-month = 0.8%
  • Three-month = 10.3%
  • Six-month = 20.1%
  • One-year = 25%
  • Three-year = 59.8%
  • Five-year = 55.2%
  • 10-year = 160.9%

PORT COQUITLAM

  • Benchmark price = $1,614,600
  • Price Index = 430.5
  • One-month = 0%
  • Three-month = 11.5%
  • Six-month = 25.3%
  • One-year = 29.3%
  • Three-year = 76.1%
  • Five-year = 74.1%
  • 10-year = 189.5%

PORT MOODY

  • Benchmark price = $2,314,900
  • Price Index = 427.5
  • One-month = 1.8%
  • Three-month = 14.5%
  • Six-month = 23.2%
  • One-year = 27.6%
  • Three-year = 69.4%
  • Five-year = 68.5%
  • 10-year = 178.7%

Townhouses

COQUITLAM

  • Benchmark price = $1,064,000
  • Price Index = 390.3
  • One-month = 0.9%
  • Three-month = 13.4%
  • Six-month = 21.2%
  • One-year = 29.4%
  • Three-year = 52.7%
  • Five-year = 67.5%
  • 10-year = 169.9%

PORT COQUITLAM

  • Benchmark price = $1,010,600
  • Price Index = 382.6
  • One-month = 3.2%
  • Three-month = 16.2%
  • Six-month = 24.3%
  • One-year = 30.4%
  • Three-year = 64.2%
  • Five-year = 78%
  • 10-year = 162.1%

PORT MOODY

  • Benchmark price = $970,100
  • Price Index = 329.9
  • One-month = 4.9%
  • Three-month = 18.5%
  • Six-month = 27.3%
  • One-year = 31.1%
  • Three-year = 43.1%
  • Five-year = 70.8%
  • 10-year = 135.6%

Apartments

COQUITLAM

  • Benchmark price = $712,500
  • Price Index = 391
  • One-month = 1.2%
  • Three-month = 11.4%
  • Six-month = 18.1%
  • One-year = 23.6%
  • Three-year = 39.3%
  • Five-year = 71.2%
  • 10-year = 172.3%

PORT COQUITLAM

  • Benchmark price = $641,500
  • Price Index = 383.6
  • One-month = 1.6%
  • Three-month = 14.2%
  • Six-month = 19.3%
  • One-year = 23.9%
  • Three-year = 40.7%
  • Five-year = 79.2%
  • 10-year = 165.5%

PORT MOODY

  • Benchmark price = $840,600
  • Price Index = 350.3
  • One-month = 1.4%
  • Three-month = 11.2%
  • Six-month = 14.7%
  • One-year = 18.7%
  • Three-year = 32.2%
  • Five-year = 57.7%
  • 10-year = 170.3%

- with files from The Canadian Press